Star Bulk Carriers Corp. reports financial results for the first quarter ended March 31, 2013

Athens, Greece, May 28, 2013

Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced its unaudited financial and operating results for the first quarter ended March 31, 2013.

Financial Highlights


Spyros Capralos, President and CEO of Star Bulk, commented: “We are pleased to be reporting positive results during another quarter of challenging freight market conditions, when most of the dry bulk companies are reporting losses. Star Bulk’s forward charter coverage and operational efficiency have had a very important contribution towards this quarter’s results. Our strategy to fix our capesize vessels on medium to long term charters has been and continues to be very successful, as our average daily capesize earnings have by far outperformed the spot market during the last 2.5 years.

Our capesize coverage stands at 88% for 2013 with the current average TC rate of $23,650 per day, following the scrapping of the Star Sigma . On May 2, 2013, we have announced a backstopped equity rights offering of $75.0 million. Most of the proceeds are expected to be used to acquire fuel efficient dry bulk vessels with some of the proceeds being reserved for working capital and general corporate purposes. In my view, the agreements with our lenders, announced earlier this year, and the upcoming $75 million fully backstopped equity rights offering have the power to transform Star Bulk into one of the most promising companies in the dry bulk sector. Our overall strategy is to grow our fleet through timely acquisitions of new eco - efficient vessels.

We believe that we are currently at a low part of the shipping cycle, where carefully selected investments can yield attractive returns, which will enhance long - term shareholder value.”

Simos Spyrou, Chief Financial Officer of Star Bulk, commented: “We are happy to be announcing $2.8 million of adjusted net income at a time when freight rates are at such low levels. Our agreements with our lenders have played a significant role in our efforts to preserve our cash. Currently our net debt stands at $171 million vs. $192 million at the end of 2012.

Our upcoming equity rights offering will provide the Company with additional strength and ammunition to continue growing. I believe that vessel values are currently at attractive levels and that acquisitions made today could prove to be very profitable. Our outlook for the dry bulk industry remains positive for the medium - term, especially as the market absorbs the record deliveries of the past years.

We expect demand for dry bulk commodities from major developing countries to continue to grow, and the freight market to start improving due to the lower orderbook, increased scrapping, slow steaming and the scarcity of bank financing.”

Full report at: www.starbulk.com

Star Bulk Carriers Corp. press release